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Adenia Partners secures $470mln for its largest Africa-focused fund

Wednesday, 03 April 2024 17:54
Adenia Partners secures $470mln for its largest Africa-focused fund

(Ecofin Agency) - Adenia Partners, a private equity firm, announced on Wednesday the successful closure of its largest fund dedicated to Africa, totaling $470 million. The company attracted new investors such as Findev Canada and the US International Development Finance Corporation.

About 60% of the funds raised for Adenia Capital V come from long-standing investors, including the European Investment Bank (EIB), the International Finance Corporation (IFC), Proparco, and the German development finance institution DEG, highlighting a significant increase in commitments thanks to Adenia's strong financial and impact returns and consistent strategy execution.

The remaining 40% of the commitments are from development finance institutions investing in an Adenia-launched fund for the first time, such as Findev Canada and the US International Development Finance Corporation. Significant African institutional investors have also been attracted to the fund, including the Public Investment Corporation (PIC), managing South African public sector pension funds, along with Kenyan and Ghanaian pension funds.

"We are very pleased by the level of interest in our new fund, which is a great validation for our proven strategy and the investment opportunities available in Africa," said Stéphane Bacquaert, Managing Partner, Adenia Partners.

Adenia Capital V will pursue Adenia Partners' long-term investment strategy, focusing on acquiring majority stakes in mid-sized African companies with proven business models and significant potential for operational and environmental, social, and governance (ESG) improvements. The fund will target several sectors, including financial services, agribusiness, renewable energy, consumer goods, telecommunications, light manufacturing, and specialized distribution.



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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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